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* Silver heads for best month since December

* Gold up nearly 8% this month

* Palladium tracks first monthly decline in four

(Recasts, adds comments, details, updates prices)

By Brijesh Patel

May 31 (Reuters) - Gold rose on Monday and was heading for its best monthly jump since July 2020, boosted by a weaker U.S. dollar and lower bond yields, while growing inflationary pressure lifted demand for the safe-haven metal as a hedge.

Spot gold was up 0.4 at $1,909.81 per ounce by 0311 GMT, while U.S. gold futures gained 0.4% to $1,913. Bullion has risen nearly 8% so far this month.

"Gold is pretty much drawing its strength from inflation fears and some inclination of the yields," said Stephen Innes, managing partner at SPI Asset Management.

"The dollar is staying weaker that's fairly supportive. Gold bulls now have their eyes set on $2,000 and most of the guys are thinking it's going to go quite higher."

The dollar index eased 0.1% against its rivals, while the U.S. 10-year Treasury yield fell to 1.593% on Friday

, reducing the opportunity cost of holding non-interest bearing gold.

Data on Friday showed U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve's 2% target and posting its largest annual gain since 1992.

Gold, often used as a hedge against inflation, has benefited from recent data showing a rise in prices in the United States and the UK.

Investors' focus this week will be on U.S. payrolls data due on Friday with median forecasts at 650,000.

"On the technical front, a trade above the $1,915.60 would, however, signal a resumption on the $1,950 target... and there is strong support at the $1,875 and $1,850 levels," Avtar Sandu, senior commodities manager at Phillip Futures, said in a note.

Palladium rose 0.5% to $2,839.72 per ounce, but it was set for its first monthly decline in four. Platinum climbed 0.9% to $1,187.50.

Silver jumped 0.7% to $28.07 and was heading for its best monthly gain since December.